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of the so-called fiscal cliff. the new congress faces another looming showdown over the debt ceiling and possible spending cuts delayed under the fiscal cliff deal. john boehner addressed the debt thursday in his opening speech. >> as speaker, i pledge to listen and to do all i can to help all of you carry out your oath of office that we are all about to take. because in our hearts we know it is wrong to pass this debt onto our kids and grandkids, now we have to be willing, truly willing to make this problem right. >> house speaker john boehner faced a massive backlashes week after initially canceling a vote on relief for superstorm sandy. the house is expected to vote on the first round of aid today. gun-control advocates introduced legislation on the first day of the new congress to ban high- capacity ammunition magazines in recent -- used in recent massacres including the one at sandy hook last month. carolyn mccarthy of new york said the assault magazines help put the mass in that shooting and anything we can do to stop their proliferation will save lives in america. she lost her
and the fight under raising the debt ceiling underway, republican congressman john boehner was re-elected to a second term as speaker. house clerk karen haas gave the tally. >> total number of votes cast is 426 of which the honorable john a. boehner of the state of ohio has received 220. the honorable nancy pelosi of the state of california has received 192. >> eliot: while pelosi got solid support with five democrats voting against her a dozen conservative republicans either abstained or lined up against boehner casting votes instead or candidates including majority leader eric cantor of virginia and tea party firebrand allen west. perhaps nobody told them west lost his election. when pelosi handed boehner a symbolic people's gavel boehner resisted the temptation to use it on the rebels in his own caucus. he returned to his favorite topic, reducing the national debt. >> at $16 trillion and rising, our national debt is draining free enterprise and weakening. in our hearts, we know it is wrong to pass this debt on
spending. now he says, republicans need to act on part two of the fiscal cliff, raising the debt ceiling. >> one of the reasons why it is so important that congress resolves some of issues that were left unresolved in the taxpayer relief act is that the economy will do better if we address issues like the debt ceiling without drama. >> but republicans said today not so fast. they plan it use the debt ceiling as leverage to negotiate more spending cuts with the white house. speaker john boehner, house republican speaker, saying, quote, the house will pass real spending cuts, meaningful reforms of entitlement programs that are driving uhgs deeper into debt and a fairer, cleaner tax code. ashley. ashley: peter barnes, thank you so much. well, the december jobs report could definitely be described as lackluster at best and markets seemed to agree. our next guest says that the markets are harley even focusing on economic data anymore these days. it is all about what goes on in washington. joining us milton ezrati, lord abbett senior economist and market strategist. milton, thank you for being
? >> jumping off the fiscal cliff is nothing compared to blowing through the debt ceiling. here is why. the fiscal cliff was something created out of congress. it was sort of a manufactured crisis. now, the debt ceiling is for real. we come up against a borrowing limit and the government has to stop paying bills and it is a blunt instrument. i don't think either side wants to blow through the debt ceiling. i think we have to take a little bit of this blusterer with a grain of salt. what we want to take away from this whole period of time. when the government cuts spending it has a negative impact on growth. in the short run it hurts growth. if you look over in europe and austerity measures and governments pull back not so good for economic growth. when we say we want to fix the debt and deficit we have to be careful how soon and how quickly it occurs. >> kind of like after the holidays when you are feeling a little heavy you have to keep eating but you have to be a little more careful. >>> so jill gave us that news. i have other news for you, too. republicans attacking their own after
, if they drive up to next cliff, with the debt ceiling limit and they play games with that, what i don't understand is that we're not talking about a bridge, this is not negotiation on small stuff, this is global impact, our credit rating anxieties have said, -- agents video sai have l downgrade you. neil: let's say moody's acts on its threat to take away our triple-a rating, it has been done people said no big deal. >> as long as federal reserve continues to self deal in our own debt, they are only person with any appetite for our long-term debt that is what is art fishily holding the interest rates down that is not last. neil: take them out you have what? >> more interest. if we go back to normal rates. neil: what do you think when you hear that? >> we have businesses not investing enough to create new jobs, and so, i would be happy if the fed stopped buying up the government debt, we would at highest be able tatleast be able truthful idea of what the problem. is now we have to have a unified position, we heard marty make the point that, the white house has a lot of the power. i was
of resolution on the fiscal cliff. if we were to do the debt ceiling and take care of sequestration, do you think employers will start hiring? >> the best we could do would be to come up with a credible long-term plan. gerri: credible long-term plan on capitol hill and the white house. are you kidding? >> u.s. you're right. the problem here is, between now and the end of february is everyone going to say, well, here is a we need to do? are they going to agree on it? the republicans, i think, have corrected said we have done something on taxes. we raised it for everybody who works to raise taxes for those nasty rich folk. now cut spending in order to get on a gravel path to reduce the deficit. >> we enacted the greatest tax cut in american history. 25 million new jobs. the american economy had confidence in president reagan. in what direction was going to be. that is what is lacking. we need to have that right now. >> you go back. you have to go back to reagan, george bush. unemployment rate at 5%. five unchanged. people would be shocked to think that now. let's talk about this a little bit.
. in any event, let's talk more about the debt ceiling. the debt ceiling is the next fiscal cliff and the congress now has two months to act. joining us now is benjamin salisbury. he's the senior policy analyst at fpr capital markets. good morning to you. >> good morning. thanks for having me. >> there's a cover on the economist today that talks about what just happens, says america is turning european. why should developing countries trust american leadership when it seems incapable of solving anything at home? whoot while the west foremost democracies stay paralyzed, china is making decisions in moving ahead. this week president obama claimed that the fulfilled his mandate by raising taxes on the rich. he and his leaders are building brussels on the potomac. a, do you believe that? and how important is that? and, b, is that going to get fixed anytime soon in terms of the next two months in terms of how we are being perceived? >> so i don't think the analogy is especially helpful, but the fundamental facts are as described. so i think what's important is as we look at the next co
. the debt ceiling is not far but tim geithner will remain around until the end of the inauguration. >>> congresswoman gabrielle giffords will reportedly visit newtown connecticut this afternoon which is the deadly scene of the school shooting. congresswoman gabrielle giffords is still recovering after being shot in her home state in january 2011. >>> secretary hillary rodham clinton said she will return to work next week. she has been sidelined by a string of medical problems. she was just released from the hospital where she was treated for a blood clot in her head. >>> chris young will be laid to rest today. his funeral is today. he died when his motorcycle collided with a van in bristol monday and a wake was held for him yesterday. >>> keeping new year's resolutions, they are not simple to keep for anybody. we will find out about some strategies and some practical ways to stay motivated. keep it right here. (vo) they were married for... 53 years. she was his everything. he can't live alone anymore. but we don't have the room. so, we talked to suntrust... looked at our options...
not been a fiscal cliff deadline. now we have a debt ceiling deadline. what other leverage do you have to bring people to the table with a sense of urgency? >> you have good leverage, the expiration of the sequester in two months. you have the end of a continuing resolution where they could shut the government down. we've got lots of ways to put pressure on the administration and the congress to actually take some responsible action without putting in jeopardy the full faith and credit of our government. >> do you really believe the full faith and credit of the u.s. government is -- i mean, are you suggesting that we could miss a debt payment, because i hear members of the administration use the administration use the phrase default on our obligations. we know perfectly well you can prioritize what you use tax revenue for. you can say the world doesn't have to worry. we'll make every interest payment, just calm down, and we'll figure out the rest. should they make it clear to the world that they will prioritize in that way? >> hey, look. it is absolutely crazy to even contemplate havin
done and another debt ceiling site on the horizon. the white house chief of staff jack lew is the front runner now to succeed him. >> secretary of state clinton is ready to get back to work after three days in a hospital. her spokesman says she will be back on the job next week. she was treated for blood clot she suffered on sunday that stemmed from a concussion and she suffered a last month when she fell. >> the house and senate will convene a joint session of congress today and to count electoral ballots from the presidential election. a federal judge in california rejected a challenge by birthers in their latest attempt to overturn the presidency of president obama. the judge rejected a request to allow a florida man to testify about alleged inconsistencies and the typeface on the birth certificate? that the president released. the presidential inaugural committee has launched an online store. a retail store will open later this month at 1165 f street in northwest. they offer official member billion including mugs, t- shirts, blankets. for a link to the online store along a
is what wrangling in washington over spending cuts and the debt ceiling will mean for hiring. companies continued adding jobs even with the uncertainty over the fiscal cliff. and, many economists believe firms will increase payrolls this year in spite of the debt ceiling debate. >> i don't think that the spending cuts will be as significant headwinds for the u.s. economy because these spending cuts are made over ten- year period. there won't be a significant amount of spending cuts that will take place in 2013, so that's why i think it's less of an issue. >> reporter: still, there's ample concern about what the expiration of the payroll tax cut will mean for spending and ultimately hiring. don't forget all americans will see a smaller paycheck this year, because of that change. >> consumers aren't well poised to absorb a 2% tax increase and nonetheless that's what's going to happen, and it's going to keep us stuck in this slow growth territory. >> reporter: and, slow economic growth makes companies less confident about adding new workers. as a result, it is widely predicted that this ye
by the debt ceiling debate, by the other cliff. >> 2.0. >> go into international, try to find companies that are much less levered to the united states. that may be the way. i've been talking about mexico, brazil, india, these are countries that have very solid governments that don't seem mickey mouse. remember, i hearken back to michael, looking at the partisanship in our country. had esaid not since the reconstruction period, reconstruction in our country has it been this partisan. it's hard to invest in that environment. >> it's not going to get better anytime soon. >> there's only one good story out of washington. >> what is that? >> i know exactly where he's going. >> where am i headed? >> rg3, baby. >> thank you very much. that's the only thing out of washington -- they beat seattle. which i don't think they can do. they'll finally get the fiscal cliff, the debt ceiling off the front pages and that's what's necessary. it's the great american athlete. >> we'll put a friendly wager on that one. my guys are looking good. >> that's all i'm saying. >> they're looking good. >> but washi
the fiscal cliff fight. we'll have another debt ceiling fight. we may end up with something in total close to to what simpson-bowles proposed. >> i think that would be good for the frunt. austan, thanks so much. >>> they stay submerged for months at a time in tight quarters without even seeing the sun. serving on u.s. submarines is a new role for female sailors. we'll spend some time with one of them. bright students are getting lost in the shuffle. and administration's work gets more complex every year. when you look at these issues, do you see problems or opportunities? with an advanced degree in education from capella university, you'll have the knowledge to meet these challenges and make a difference in the lives of students. let's get started at >>> women in the military are definitely making strides under water. cnn's pentagon correspondent chris lawrence talks to an officer who's on track to become the navy's first female submarine commander. >> reporter: it's a new frontier for female sailors. submerged for months, no sun, no space, no sleep. lieutenant junior grade ma
start hitting the debt ceiling and the other issues, we're going to have some problems. >> i expected that uncertainty because there was a lot of talk about that having really drastic effect on the jobs numbers. but it didn't. and i'm trying to figure out if that's an offset because of the holidays and all the seasonal hiring, you just heard christine romans reporting that health care's up and food services and drinking places and construction. >> right. >> but is that just -- was that a blip? >> well, i think it's generally good news, right? and there's more good news in the report that i haven't heard talked about much. we saw wages rise by 0.3% month to month which is a good thing, that's above what we think inflation should be and we've also seen the amount of hours worked from 34.4 to 34.5 hours per week and that means we're seeing people getting paid more and working more hours and that's a very helpful sign, so there are some good things that are happening. we still have to worry about the other things that christine talked about like small businesses not hiring as much and may
postponed spending cuts for two months and left the debt-ceiling situation unresolved. "the big spending cuts didn't occur. we just don't know where those are at yet." and then there's the cost of obamacare. in some places, small companies are said to be preparing to downsize to get under the 50-employee cut-off. "companies just aren't taking chances. they're worried the economy will turn south. they're willing to stand pat rather than hire any time soon." sectors with the fewest layoffs include construction, retail, electronics, industrial goods, healthcare and government - the last two, healthcare and government, partly due to the ramping-up of obamacare. "they are hiring to create a cost-savings program for government to improve cost- efficiency. they hope to achieve a $400-million savings for an $80-million cost." for the year, the biggest reasons for layoffs were tied to company restructuring and closing of facilities. the deep political divide over whether to raise the debt ceiling is the next issue out of washington that could stall out business on wall street. republicans are vow
't wait. when you consider the fiscal cliff worries and the debt ceiling over hang gives people reason to be down beat in order to reset the bar so it can be easily beaten. [ boo ] >> it could make the earnings season the most difficult one in years. [ ghost ] >> that said, we're not quitters. we give you a game plan. we'll be listening for more than just quarterly reports next week. starting monday we'll try to get a read on one of my favorite groups and not that economically sensitive. the bio techs. we're doing it courtesy of the jp morgan pharma conference. it's the most important conference of the year. i love this group so much. the health care con fab. what are we listening to? you know what i want to hear? cellgene speaks at 11:00. they are located in summit new jersey and so am i. we stuck with this one through thick and thin. how many times did people desert it? we haven't. i think it's going to be a great 2013 story. then at 2:30 we look forward to hearing from a favorite who defied all expectations withdrawing the promising als drug due to lack of efficacy. the stock barely
their intentions to hold the debt ceiling hostage once again. >> i think there's going to be a whole new field of battle when the debt ceiling rolls around. most of us have pledged that we're going to have to, before we vote again to raise the debt ceiling, even though it may be at great political cost, we've got to address spending, and that means entitlements. >> well, there you have it. republicans are treating the debt ceiling as a bargaining chip. the senate republican leader thinks he has a winning hand here. mitch mcconnell is leading the charge to get major concessions out of the president of the united states in exchange for a vote to increase the debt ceiling. mcconnell wrote an op-ed for yahoo news today saying the fiscal cliff fight represented "the last word on taxes. that debate is over. the strategy is only increase the debt limit if there is an equal amount of spending cuts. we simply cannot increase the nation's borrowing limit without committing to long overdue reforms to spending programs that are the very cause of our debt." that's what makes my blood boil. it is the wars t
the naaionns debt ceiling agaan.../.thht & deadline... is only two months away .../ and... republicaas are expeeted to push for omething ...that was dropped... almost... entirely from the fiscal cliff deal.../ cuts... & in government sppnding. 3 mcconnell sayss "we cannot agree to increase that borrowing limit wwthoutt agreeing tooreforms that lower the avvlancce of speeding -3 that'' creating this debt in the first placee"obama ays, many thhngs, i will not have another debate withhthis congress over whether or not they''e already racked up through the laws that they passed." passed." 33 the last ebt ceeling debate fliittd with the first evvr us governmmnt default and left us wwth a ssiggtly lowered credit rating. 3 wx>-3 3 3 wx> 3 3 3&pgettinngthe blame foo obesity. tte substance that can ttick you inno eating too much. 33 pi'm going to ttyyagain this year to gettinto better physical hape p3 3 sticking with your new years pesslution... how you're pmartph
the debt ceiling, and almost went over the fiscal cliff. all crises of their own making. ezra klein is also an msnbc political analyst and "washington post" columnist. robert costa is the washington editor at national review and a cnbc contributor. gentlemen, the 112th congress was not only unproductive, it was hugely unpopular. for comparison's sake, the irs, nixon during watergate and bp during the oil spill all had higher popularity ratings than this congress, and yet, ezra klein, if the objective was to thwart all things obama, you could say they were immensely successful. >> and yet they weren't because the overarching strategy was to eventually thwart obama himself, to get him not re-elected, to allow mitt romney or whoever was the republican nominee for president, to become president in 2012 thus fulfilling what senate minority leader mitch mcconnell once referred to as his top priority. that didn't work at all. the republican brand was so tarnished in part because of the actions of the 112th congress, in part because of the way republicans acted around things like the debt ceiling,
on january 21 but with fiscal cliff negotiations half done, and another debate over raising the debt ceiling, some are saying he may stay on longer. a spokesperson is denying the rumors. >>> in 6 hours from now crews will get a look at the bay lights exhibit on the bay bridge. pictures here show a simulation. crews began putting in the lights on the bridge's west spannen september. a lighting -- span in september. >>> a rare sighting of a river otter is drawing quite the crowd. ktvu's lorraine blanco has more on the animal and how his hormones is why he might leave the bay area. >> reporter: dozens are making the trek down there hoping to get a look at a river otter. it is becoming a symbol of hope for all wildlife. >> reporter: he plays among the ruins. a popular spot for tourists. >> we were staying over here and we saw the otter. it was funny. >> reporter: sam first spotted in september was the first river otter seen in san francisco in decades. >> very playful. fun loving. >> he went down and did that a few times. >> i am standing where i think he might be building a nest and hoping he w
as they head into the next battle on the fiscal cliff, spending cuts and the debt ceiling. the president's top economists saying that the resolution of the first part of the fiscal cliff extending the bush tax cuts for most families should help economic growth and job creation by keeping more money in consumers' pockets for consumer spending. now he says republicans need to act on part 2 of the fiscal quick, raising the debt ceiling. >> one of the reasons it is important congress resolve the issues that were left unresolved in the taxpayer relief act is the economy will do better if we address the issues like the debt ceiling without drama. peter: republicans are saying today's jobs report shows washington needs to reduce spending and deficits to boost economic growth and job creation. john boehner out with the statement saying all of that, the drag on quote the house will pass real spending cuts, meaningful reforms of entitlement programs that are driving us deeper into debt and a fairer, clean air tax code. cheryl: were you surprised? he sounded like he is truly saying this is not a turning
, the 2011 debt ceiling crisis and, most recently, the 2012 fiscal cliff. so you can't say it's all that he knows how to work a room or that he knows how to give a passionate speech. he gets things done. >> he's an incredibly as constitute politician. he understands the importance of connecting with folks. as you mentioned, most recently with the fiscal cliff. let's remember he also help s t broker obama care. he loves the idea of going in one-on-one, toe-to-toe and negotiating with folks. i hope the president basically has him hand over immigration reform. you're absolutely right. we can't do piecemeal. we have to do comprehensive. it's actually in the republicans' best interest to do comprehensive immigration reform. if they choose piecemeal by piecemeal, there's no way that they're going to get the latino community on board with them. but if they're able to pass a comprehensive piece of legislation, it can focus on the real issues at hand. >> thanks both of you for your time tonight. >> have a great week enld, rev. >> you, too. >> coming up, who knew the rightties loved to recycle. they'
. this will kill us. >> the question is, if we went over the cliff or didn't fail to raise the debt ceiling, certainly there would be dire consequences. the question is, when else is the congress of the united states going to do anything proactively about spending? they have proven definitively over the last 70 years that they cannot do it. and this has become, for better or for worse, the pivot point. the demarkation, the line in the sand, president obama says, is he not going to tolerate a debt ceiling fight but the truth is, it doesn't matter whether he's going to tolerate it or not. >> it's not for better or worse, margaret, and you know that. you know it's absolutely for worse. >> is getting our spending under control for worse, though? >> the idea that you would allow us to default is outrageous. and there's no way to even kind of deal with that and to argue that as a legitimate point. >> but do you think arguing that we go off the cliff might be a secure deal? >> you do have the sequester. you may have a budget. i'm not saying you don't have a fight. i'm not saying you p don't have a
: fights over the sequester and the debt ceiling coming around march first. and as sylvia hall reports, there are low expectations lawmakers can get the job done peacefully. >> reporter: returning lawmakers didn't get much of a break after that bruising fiscal cliff battle. they're back in washington today, swearing in the new congress. demographically, it's the most diverse group ever sworn in. but politically, this congress is expected to deliver the same gridlock as the last one. >> the problem is that the congress is very vided, not only are the two houses divided, but each party is further away from the middle than has been in the past, and the public- the american public itself, is very divided. >> reporter: they'll start the year by tackling some big issues left over from last session. first in the house, a bill to help victims of superstorm sandy. house speaker john boehner nixed the vote in the last hours of 2012, drawing a firestorm of criticism. it comes up in the house in two parts- the first tomorrow, and the other mid-january. >> the next act will begin a couple of months
ceiling. the 51-year-old has been a key figure in fiscal cliff talks. white house chief of staff yord to be in the lead for that job. >> lawmakers took an oath of office. the house reelected john boehner as speaker. among those sworn in were two from the bay area, jared houghman. the district covers the north coast to oregon border and eric swalwell, representing california's new 15th district, peting incumbent, pete stark. it's expected to be a challenging first few months for lawmakers with several deadlines looming. here in washington it's out with the old, in with the new. do you swear and affirm you'll support the united states of the united states? >> the congress was sworn n it's a diverse gru. there are 81 women in the house and a record number of female senators, 20. age taijing the oath of office, the first hindu member, first butdist senator and first openly gay senator. republicans still control the house but with a smaller majority. democrats built on majority by picking up two seats, john baner had a rough couple weeks and face challenges but today, it's a dramatic nail
cliff resolution but the concern is shifting now to the debt ceiling debate and what washington is going to do about it. joining us now is mark moriel, ceo of the national urban league and former mayor of new orleans. and former special assistant to george w bush, ron christie. i would like to start first of all with the debate on pork. because we have of course, the debt ceiling debate looming large and we are now in the rearview mirror looking at all of the pork that was put into the last measure. ron, let me start with you. you can argue both sides, certainly, but there are those who say that adding pork to bills is the only way it get business done in washington these days. is that correct? >> no, i don't think it is, sue. i think this unfortunately is the new normal 6 washington. but members of congress have gone out of their lanes. gone out of what is the regular order of the house and regular order of the senate, which is to pass a budget resolution setting up the funding levels for appropriations committee and appropriations committee to actually sit down and deliberate. the sena
to see a lot of the same old fights over the same old issues, not just the fiscal cliff but also the debt ceiling. we know this past monday this week america reached its debt limit, $16.4 trillion, the treasury department will do what it can, take extraordinary measures to try to give breathing room but there's no way for congress to avoid. they have to vote to raise the debt ceiling in late february, early march. lot of big fights coming up. >> athena jones thank you so much. >> i think the headline on the speaker's victory yesterday should be house republicans punish john boehner, elect him speaker. this is not a job easy to do. i was watching him crying, to have the job for two more years to have the only central republican power in washington is tough. >> one person voted for eric cantor and at the time he is reported to put his head down and shook his head. >> that was the reaction on the house side but the drama, on the theater side, joe biden, man that guy was in his element with kids there at the ceremonial swearing in. at one point he comforted this small child who was a bit over
warning about what they're going to do about spending as well as the debt ceiling. the speaker made clear to they that he, at least, but have to govern better. forget the fiscal cliff. republicans are looking at a precipices of their own relevance. voters, both democrat, republican, independent, want them to govern. your nose, they might even win if you against this president who has drug immersed most -- mercilessly. that might be helpful if the gop could fashion and a reader to. try it. house speaker lost almost two-thirds of his caucus monday. the next day he won reelection. >> seventy-seven posterity. it calls us to refuse the pull of passing interest and fall of the big star of a more perfect union. put simply, do something. lou: a different kind of leader in his second term? the "a-team" is here. casualties of war. to many of our troops killed on the battlefield in 2012. to many of our troops dying far from the battlefield. that report is next the regime holding on as israel races to secure its borders. is the war-torn nation israel's biggest threat? tippees speaker joining us here
slides into recession. with the debt ceiling if you don't have authority, what do you do? you stop paying bills if you're the federal government. you stop sending checks to your suppliers-- >> that hurts the one who made that possible. >> well, in the short run you -- the hospitals don't get reimbursed for their medicare expenses. >> neil: that's the vice that democrats have republicans in, they're afraid of their own shadow. what's to spell democrats for serious spending cuts if they think that republicans are afraid of even a hint-- >> i think what helps, every expert in washington agrees that the long-term entitlement. >> neil: no doubt. >> changed. >> neil: a lot of american people seem to -- they're far happier with raising taxes on the rich. but what the president says, aim he not going to change social security in the context of improving the budget. i will do it to strengthen social security so the rhetoric will move in that direction. >> neil: but that means it has to be truthful. >> well, basically, the kind of things that the republicans talked about a little bit changing the i
and the need to raise the nation's debt ceiling. >> brown: still to come on the "newshour" tonight: weighing the fiscal cliff deal; charges in the india gang rape case; the country's crumbling sewage system and an expanding american reach for al jazeera. but first, the other news of the day. here's hari sreenivasan. >> sreenivasan: for another member of congress, today marked an especially momentous return to work. republican senator mark kirk of illinois suffered a stroke 10 months ago, and had to learn how to walk again. today, he climbed the 45 steps of the capitol, with vice president biden and west virginia senator joe manchin on hand for support. secretary of state hillary clinton will return to work at the state department sometime next week. clinton was discharged yesterday from a new york hospital, where she had been treated for a blood clot in her head. a state department spokeswoman said clinton is now resting at her home in new york, but wants to get back to washington. >> some of the senior staff who spoke to her half an hour ago said that she's sounding >> some of the senior st
draining battle over fiscal issues over the so called fiscal cliff. we're running up against the debt ceiling. it could be even nastier fight we just saw. democrats say they won't deal on debt limit what they did in the summer of 2011. republicans say, no this is what when we have to cut our spending and get our finances in order and how they resolve this in the next two months will be a very interesting dynamic to watch. in terms of actual tone and the nature of the congress, you've got a lot of democrats will say, you've gotten rid some of the tea party fire brand republicans as they call them and hopefully that would make for more cooperative environment. there are a lot of new members of the congress are elected, they really ran on being cooperative, bipartisan, being problem solvers. it's so divided congress, we've got a democratic senate and we've got a republican house who really don't see eye on eye on much of anything. i'm not convinced at this point that very partisan nature of congress that we saw for the next two years will be too different now. host: let's look at the me
's why we got a lousy deal. if you fast forward to the debt ceiling i think that's the mirror image. i think the advantage is be fiscal conservatives, because if there no action the result will be a partial government shutdown. 40% of federal government spend willing stop. we have seen that before in 1995, republicans in the house shut the government down and the result was some political pain, but year after year a balanced budget and some of the most fiscally responsible policies we have seen from congress. we need to be willing to do that again in order to fix the problem. >> we had a couple of them during the reagan years. you know, you're right. it can be a very important bargaining tool. can be a very important fiscal measure and can slow down spending. anyway, senator ted cruz from texas, thank you, sir. all the best on the new job. >> i appreciate it. and i look forward to spending a lot of time visiting with you and your viewers. >>> all right. let's talk some more about the immigration piece here. we bring in a president of the immigration works usa. and the executive directo
spending cuts and deal with the debt ceiling which is of the month, the halfway cut their is a chance the yields will go higher throughout the course of the year, but i would not throw in the towel or bet all my eggs. i still think that there is a chance that as long as inflation remains low in the economy remained steady but not running away from us there is a chance that buying yields will at least remain in the same range of where they are now. liz: well, we like to have smart guys like you want because you can tell us what to anticipate. half of the battle is anticipating in being ready. to you have two major concerns, two things that could possibly happen that could derail the picture entirely? >> again, treasuries are going to be aafunction of inflation and economic growth. all of noise around what's going on in congress, and certainly what the fed will do. the fed pulls completely out between now and the end of the year, that would be a major factor. at least -- but they have also said that unless unemployment is below six and a half%. let's say we have -- that's one thing. eco
this year. president obama has promised not to negotiate with the new congress on raising the debt ceiling, but republicans are ready to use it to force major federal spending reforms and tame the national debt. right now, the u.s. owes $16 trillion, but some calculate our total liabilities much higher. and as congress jumps from small deal to small deal as they have been, analysts worry big problems are just getting bigger. >> $60 trillion is a conservative estimate of our unfunded liabilities of medicare social security, and medicaid put together. that's scary. and, the fact of the problem of $2 trillion solutions to $60 trillion problems, you see the occasion of the lack of problem and resolve of the political class here in washington. >> reporter: some also worry the down-to-the-wire theatrics of these fiscal debates in washington will overshadow other issues that need to be addressed, like education and immigration reform. issues that could be held hostage until the spending fights are over. sylvia hall, "n.b.r.," washington. >> tom: other changes could soon be in store for washington
cliff, what is next? we expect, of course, a vigorous debate over the debt ceiling. by late february and early march they have to decide whether or not to raise the ceiling or risk economic chaos. the automatic spending cuts put off this week will hit march 1st. the deal only delayed them, so it didn't really solve the problem. funding for the government runs out on march 27th unless a new revenue bill is passed. >>> with all that is coming up, we want to bring in alison kosik in the new york stock exchange to talk about how people are reacting to the news. we know there's a higher payroll tax everybody got hit with here, but there were some breaks for a lot of families. so how does it balance out? >> here's some of the positive that came out of all that political posturing. the fiscal cliff deal did include some savings for families and in some cases it could amount it to thousands of dollars. these are mostly for low income families. the first one out of this is it preserved the child tax credit. that's about $1,000 credit per chi child. this is for people going to college. this gi
time, the government will hit the debt ceiling. the looming battle over those two issues might make the last couple of weeks in washington seem like peace and harmony in comparison. rob and paula, back to you. >> thanks, karen. the day was supposed to be about the lawmakers, but one had the spotlight stolen. new york senator kirsten gillibrand's photo op with the vp didn't go as planned. her cute little son decided it was time to mess up mommy's hair. >> if he had touched biden's hair, that would have been funny. >> i don't think it would have moved. >>> secretary of state hillary clinton actually plans to be back at work next week. she left a new york hospital on wednesday and is now resting at her suburban home. a state department spokesman says she's talking to staff and looking forward to resuming her official duties. she will not be making any overseas trips, at least for the time being, as she continues to recover from that blood clot near her brain. >>> it's day two back in school for the children of sandy hook elementary school in connecticut. while the kids are in class, fo
year's day, and now talk of, you know, new didn't like the fiscal cliff that we just about went over, wait until you see the other ones that are still looming at the end of february you have the debt ceiling. this sequester kicks back in the beginning of march. there's a bill to fund the federal government coming up at the end of march. i think this is really going to provide some fertile ground for a lot of very, very difficult fights on capitol hill. and after what happened on the fiscal cliff with the one-on- one negotiations between vice president biden and senate minority leader mitch mcconnell, you have to wonder how is congress going to negotiate? everything has been thrown on its head there in washington. how we proceed from here will be interesting to watch. >> you have key players to come in and talk about that, correct? >> we do. jim jordan on the republican side will join us. he of course voted against this bill. didn't think it was the right thing to do. chris van holland, on the budget committee for the democratic side will join us to talk about what happens now. obviou
again. we just finished a big battle over the fiscal cliff. but we're running up against the debt ceiling in another couple of months. this could be even a nastier fight then we just saw. democrats say they will not deal on the debt limit like they did in the summer of 2011. republicans say we have to cut spending and get our finances in order. how they resolve this in the next two months will be an interesting dynamic to watch. in terms of the actual tone and nature of the congress, you have got a lot of democrats that will say you have gotten rid of some of the tea brand -- tea party firebrand republicans. hopefully that will make for a more cooperative environment. there are new members of the congress that ran on being cooperative, bipartisan, problem solvers. it is still a divided congress. we have a democratic senate and a republican house who do not see eye to eye on much of anything. the partisan nature of congress will be different now. host: let's look at the numbers and how they voted. these are the nine or 10 republicans that voted for someone other than the speaker of
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